YRC Worldwide spikes 10.6% AH, Teamsters agree to tentative deal

YRC Worldwide (YRCW) shares spike 10.6% AH after the Teamsters Union reaches a tentative agreement with the company subject to ratification. The new deal follows negotiations after an initial proposal by the company was rejected by union members.

Teamsters president Jim Hoffa: "Since the acknowledgement this week from YRC that ‘re-voting the rejected proposal was not an option,’ we proceeded with round-the-clock negotiations to address the concerns of the members and materially revise the rejected proposal while, at the same time, providing a way for the company to pursue its debt reduction and refinancing arrangements."